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HHF DAP - Still Available! 

There is $1.5 million of the Hardest Hit Fund Down payment Assistance Program (HHF DAP) still available on a first-come, first-served basis, based on the completion of the first mortgage and HHF DAP reservations.  

 

HHF DAP Guidelines:

  • $10,000, 0 percent interest, forgivable second mortgage loan with a five-year term.
  • Not required to be at maximum LTV first mortgage amount.
    • No less than 81 percent LTV with conventional loans.
  • Property (new or existing) must be located in one of four counties:
    • Christian
    • Hardin
    • Jefferson
    • Kenton
  • Funding Source (Secondary or MRB) Purchase Price and Income Limits apply.
    • Can be used in conjunction with MRB Special Funding Program.
  • Borrower must be a first-time home buyer (no ownership interest in the last three years.)
    • Most recent three year federal tax returns or tax transcripts required.
  • Pre-purchase home buyer education required for all borrowers.
  • Dodd-Frank Certification must be completed (will print with loan reservation).
  • Must include a Terms and Conditions form (will print at closing with the HUD-1, Note, and Mortgage.)
    • This form highlights a few of the program requirements, such as occupancy/ownership status and forgiveness period.

The HHF DAP utilizes a GFE, TIL, and HUD-1, since it does not meet TRID regulations. These documents are available through KHC's Loan Reservation System. The HHF DAP closes in KHC's name and is funded by the lender. KHC's system provides a Note and Mortgage in KHC's name. The lender is responsible to deliver all disclosures to the borrower(s) at time of origination and closing.

 

KHC's Program Guides have been updated to reflect the new HHF DAP. KHC also has marketing fliers and an HHF DAP Summary, available on KHC's website, under Lenders, Lender Resources, in the Down Payment Assistance Programs dropdown.

MRB Special Funding Program
Kentucky Housing Corporation (KHC) has $750,000 in special funding still available at 2.00 percent fixed interest rate for 30 years. The Mortgage Revenue Bond (MRB) Special Funding Program is available on a first-come, first-served basis, with new reservations only. This program is available statewide. 
MBAKY Compliance Seminar
The Mortgage Bankers Association of Kentucky (MBAKY) is hosting a Compliance Seminar on Tuesday, October 4, 2016, at Embassy Suites Hotel in Lexington. For more information and to register, please visit MBAKY's website
2016 Kentucky Affordable Housing Conference
This year's conference will be held Tuesday and Wednesday, October 18-19, 2016, at the Crowne Plaza Louisville Expo Center.

One of the workshop sessions for Single-Family Programs and Housing Counseling is:

Investing in the Future of Rural Kentucky 
National speaker Tony Hernandez, RHS Administrator for the USDA/Rural Development Program, will discuss the latest news, statistics, and outlook for the Single-Family Housing 502 Guaranteed and Direct loan programs in Kentucky. Hear how they partner with lenders, counselors, and real estate agents to make a difference in rural communities.
 
For more information, please visit the 2016 Kentucky Affordable Housing Conference website, under workshops. Register today! 
RHS Guarantee Upfront and Annual Fee Changes
On Saturday, October 1, 2016, both the upfront guarantee fee and annual fee for purchase and refinance loans will decrease. The upfront guarantee fee will be reduced from 2.75 percent to 1 percent, and the annual fee from .5 percent to .35 percent. Visit RHS's Website for more information. 
Kentucky Housing Corporation prohibits discrimination on the basis of race; color; religion; sex; national origin; sexual orientation; gender identity; ancestry; age; genetic information; disability; or marital, familial, or veteran status.
 
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